Tony Elumelu Calls for Accountability in Nigerian Oil Theft

In a recent interview with the Financial Times, Nigerian businessman Tony Elumelu has urged the government and security agencies in Nigeria to identify and prosecute those responsible for stealing the country’s crude oil. Elumelu’s comments highlight the severe impact of oil theft on Nigeria’s economy and the broader oil industry.

Elumelu, a prominent figure in Nigerian business, expressed deep concern over the rampant Nigerian oil theft, which he believes has significantly contributed to the divestment of international oil companies from Nigeria. According to Elumelu, criminal gangs have targeted pipelines, leading to substantial losses and a decrease in investor confidence.

The business magnate shared his own experience with oil theft, revealing that he personally witnessed the detrimental effects on his pipelines, which further underscored why international companies have been withdrawing from onshore oil operations in Nigeria.

Elumelu’s call for greater transparency and accountability comes as Nigeria continues to grapple with the challenges of securing its oil infrastructure and restoring investor trust in the sector.

As one of the few Nigerians who made their fortunes outside of oil, Elumelu revealed that his decision to buy a 45 per cent stake in an oilfield three years ago when international oil companies such as Shell, Total and Eni were selling off their shallow water assets in Nigeria was to give the country energy security in the face of low power supply.

“We wanted to become a Fortune 500 company and we estimated what we needed. It’s not naira, it’s huge dollars. Energy security is crucial for a country that doesn’t produce enough electricity for its roughly 200 million citizens,” he added.

Speaking on the japa syndrome, Elumelu declared, “I support it, totally. “I don’t have a problem with people saying ‘I’m going to Canada, UK or US.’

“Joblessness is the betrayal of a generation. You’ve gone to school and come back with your dreams and aspirations and you don’t have the opportunity . For people who decide to find solutions elsewhere, no one should stop them. But for those who decide to stay, they should try to create an impact and build a legacy.”

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Source: Punchng